Top Tips for Timeshare Owners

The most recent Expedia survey found that 68% of folks in the US plan to go big on their next holiday. That’s understandable, considering all the travel restrictions in the past couple of years. Thus, it’s no wonder that 40% of the polled individuals said they also plan to splurge on their future trips.

So, if you’re one of the timeshare owners of the 206,380 timeshare units in the US, it’s time to plan your next holiday.

If you don’t know where to begin, don’t worry, as we’ll share some of the top timeshare tips to help you get started. So, keep reading, as this guide covers the best planning tactics to help you make the most out of owning a timeshare.

Review Your Timeshare Contract

There are three primary types of timeshare contracts: fixed-week, floating week, or points-based. The types you own dictate when exactly you can use your vacation properties.

If yours is the fixed-week type, you have exclusive rights to the property for a specific week every year. In that case, you can only book the units during the days specified on your contract.

On the other hand, you can select the week you want to stay at the property if you own a floating week contract. However, this type of agreement is more competitive, so it’s best to book the unit far ahead of time. That way, you have lower odds of losing your preferred dates to another timeshare owner.

It’s also possible you own points-based timeshares, also called vacation club memberships. In that case, you need to check how many points you already have before you book a property. Each unit, in turn, requires a certain number of points for booking.

Do a Headcount

Many people buying a timeshare for the first time often only account for themselves (or a partner). It’s okay if you did the same, but you might run into a few issues if your next holiday includes other people. That’s because timeshare units can be strict on the number of guests they can accommodate.

For instance, let’s say you purchased a timeshare for a property that sleeps 2. In that case, it’s likely a studio-type or one-bedroom unit that can only accommodate up to two people. That also indicates the maximum number of people allowed to stay.

So, if you plan to holiday as a group of four, the property management company may not permit you to do so. Instead, they’re likely going to suggest that you book another unit for the two other people.

Never Underestimate Early Planning

The situation above further highlights the importance of planning your timeshare vacation early. Otherwise, the other people you’re holidaying with may not have a place to stay.

Besides, you might be able to book extra accommodations at a discounted rate if you reserve early. Your developer may also offer an upgrade to a bigger unit for less. Some timeshare companies offer these perks to owners, so be sure to take advantage of them if yours does.

Book Again

Who says you should limit your holidays to once a year? You can go on two, even three or more vacations every year, just like 28 million other Americans do.

Besides, if you’re a timeshare owner, your club or resort may offer you significant discounts if you do so. For instance, some run deals whenever their occupancy falls below their target. In such cases, they open available units to owners a few days in advance for a much lower cost.

So, even if you’ve already used the week you own, you might still be able to exercise your rights and perks as an owner. Even if it’s not in the same building, your club or resort may offer deals on a nearby sister property.

Check Out Clearance Deals

Another perk of owning a timeshare is getting early access to offers on the same (or a sister) club or resort. Clearance deals, also sometimes called last-minute deals, are a perfect example. Many developers open them up to owners first before offering them to other guests.

Moreover, clearance deals usually come at lower prices for timeshare owners. For instance, you may be able to snag another unit for 50% less, while non-owners may only get it for 25% less.

In any case, last-minute deals are often available to owners 60 days from the check-in date. So, if you plan to use your timeshare unit two months from now and want to invite others, be sure to check out these offers.

Consider a Vacation Exchange Program

Some timeshare resorts run what they call a timeshare vacation exchange program. It lets timeshare owners trade the time they own at one resort for another in a different location. So, if your resort offers this, be sure to take advantage of it as it can let you vacation in various places.

For example, suppose you own a timeshare in a property located in Myrtle Beach, SC. However, you want Lake Buena Vista, Florida, to be your next holiday destination. In that case, ask your property management company if they have an exchange program.

If they do and you qualify, you don’t have to worry about accommodations in Lake Buena Vista anymore. Instead, you can swap the time reserved for you in the Myrtle Beach property for the one in Florida.

Know Your Timeshare’s Cancellation Policy

One of the many things the pandemic taught us is that travel restrictions can change at any time. While most states reopened their doors, some encourage travel only to fully-vaccinated people. For example, Hawaii still requires complete vaccination or a negative Covid-19 test.

Aside from those regulations, you may also face personal circumstances before your holiday. Either way, such events can force you to cancel your reserved timeshare week. In that case, you can expect some losses, such as your reservation fee or currency (cash or points).

How much you’ll lose depends on the number of days left before your check-in date.

Let’s use the Hilton Grand Vacation Club membership as an example. As per the HGVC cancellation policy, you only lose the reservation fee if you cancel at least 30 days before. However, you stand to lose 100% of your currency if you cancel five days or less before your scheduled date.

That’s another reason it pays to plan as early as possible so that you can block your vacation dates. If something still comes up, though, such as an emergency, then be sure to call your club or resort ASAP. That way, they can help you explore your other options aside from a cancellation.

Let Loved Ones Use It

The typical US worker hasn’t been vacationing much even before the pandemic. For instance, in 2018, employed Americans failed to use a total of 768 million days of paid leaves. That’s a staggering 9% higher than the previous year’s count.

Fortunately, you don’t have to worry too much about your timeshare week going to waste if you can’t use it. That’s because many clubs and resorts allow owners to transfer their use to another. So, instead of letting that paid week go unused, why not let your family or friends enjoy its benefits?

You may only have to call your club or resort and tell them that your guests will use it instead of you. It depends on your contract and membership status, but you may have to pay an extra fee for this service. However, it’s only nominal, which is way better than letting your entire week go to waste.

Other companies may require you to obtain a guest certificate, though. You then have to give that document to your family or friends who plan to use your timeshare unit.

Rent It Out

If you can’t use your timeshare week and no friends and family can use it either, then you may try renting it out. Some companies allow this; the process is similar to letting friends or family stay in the unit. However, be sure to check your contract or call your developer to ask them about this setup.

Another thing to keep in mind is that the rules for the allowable number of guests apply to renters, too. So, if your unit only sleeps two, be sure to rent it out to only two people. Otherwise, the developer may not permit their entry if they exceed the maximum.

As for the rental fee, that’s up to you, but it’s best if you check the rates of similar properties, though. From there, consider setting a lower price to attract more potential renters.

Use These Tips for Savvy Timeshare Owners

There you have it, the ultimate guide to the top hacks for wise and savvy timeshare owners. Now you know that the earlier you prepare, the more control you have over your holiday plans. Plus, it’s the key to unlocking awesome deals, or at the very least, it can help you find a renter if you can’t go.

Just don’t forget to review your contract to ensure you reserve the property on the correct dates.

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